This was not the first time that VanEck and SolidX withdrew the proposed Bitcoin ETF. Back in January, after a prolonged government shutdown that threatened a forced rejection, they withdrew the same ETF proposal.

Meanwhile, ETF-like Bitcoin product a Miss

Just a few weeks earlier, VanEck launched “ETF like” Bitcoin Trust for qualified institutions, with at least $100 million in assets, under the Rule 144A of the Securities Act of 1933 where they can issue shares in this Trust.

Despite Ed Lopez, head of ETF product, VanEck saying that “there continues to be steady demand from institutional investors seeking access to a cleared product that offers the price return of Bitcoin,” its product failed to garner much attention.

In about three weeks since first announcing the product, it has traded only one “basket” of four Bitcoin, worth around $40,000.

All Eyes are on Bitwise Now

Currently, there are still two other Bitcoin proposal that SEC is reviewing.

Filed by Wilshire Phoenix, this proposal — that include both Bitcoin and US Treasury bonds in the Trust, faces its first deadline at the end of September.

The other one is filed by Bitwise Asset Management with NYSE Arca that has its final deadline on Oct. 13 that will decide its fate.

“Bitwise's proposal is still pending (for now) & due for a final decision on October 13. My best guess — there will be no bitcoin ETF in 2019,”

wrote Chervinsky.

Bitwise recently announced that BNY Mellon would serve as the administrator and transfer agent for its ETF.

AnTy has been involved in the crypto space full-time for over two years now. Before her blockchain beginnings, she worked with the NGO, Doctor Without Borders as a fundraiser and since then exploring, reading, and creating for different industry segments.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

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